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U.S to investigate $235 billion dirty money flowing through Denmark’s Danske Bank

COPENHAGEN, Denmark — America authorities has opened a legal investigation into the circulation of soiled cash by means of the Estonian department of Denmark’s largest financial institution, the lender mentioned Thursday.

Danske Financial institution says it’s “in dialogue” with the U.S. Division of Justice, which had requested for data after an inside report on the financial institution detailed an enormous sum of money laundering by means of its subsidiary, with some reportedly even linked to relations of Russian President Vladimir Putin.

Danske’s interim chief govt, Jesper Nielsen, mentioned “it’s too early to invest on any end result of the investigations.”

The outcomes of Danske Financial institution’s inside investigation have been revealed final month and located that some 200 billion euros ($235 billion) flowing by means of the financial institution’s accounts from 2007 to 2015 was suspicious. Its CEO resigned over the case.

The findings prompted Denmark’s monetary regulator to reopen a probe and Danish prosecutors have began a legal investigation.

Danske Bank building
Basic view of the Danske Financial institution constructing in Copenhagen, Denmark, September 27, 2018.
Jacob Gronholt-Pedersen

The financial institution additionally mentioned that Danish regulators have ordered it to reassess its funds to verify it has sufficient capital to cowl any potential fines or different losses associated to the scandal.

The financial institution mentioned Denmark’s Monetary Supervisory Authority instructed them its solvency want ought to quantity to at the least 10 billion kroner ($1.55 billion).

As a precaution, Danske Financial institution determined to discontinue a share buy-back programme. The share buy-back for a complete of 10 billion kroner, with a most of 85 million shares, was as a consequence of finish by Feb.1.

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